[London 1st Reuters]–The retail price index for November, released by the British Retail Association (BRC) on the 1st, rose 0.3% year-on-year, the first rise since May 2019.
Retailers have decided to raise prices due to the disruption of the global supply network due to the epidemic of the new coronavirus, labor shortages, and inflation.
“It’s very clear that labor shortages, rising commodity prices and rising shipping prices are affecting consumer prices,” said Helen Dickinson, chief executive officer of BRC.
Breaking it down, food prices rose 1.1%. Non-food prices also fell 0.1%, down from 1.0% in October. The survey was conducted from November 1st to 5th.
Inflation is expected to accelerate in the coming months, Dickinson said.
According to Mike Watkins, a retail executive at Nielsen IQ, who compiled the data in collaboration with BRC, 40% of all households feel that rising living costs have made their households difficult.
BRC’s retail price index has fewer items than the Consumer Price Index (CPI), which the Bank of England (Central Bank of England) emphasizes. The CPI increase rate in October increased by 4.2% from the same month of the previous year, recording the largest increase in 10 years.